If you're watercooling, I would still recommend the Hero. It all depends on what you want I suppose. Don't go overspending. Sure, the Formula looks cool thanks to the armor, but watercooling your motherboard is useless. If you want to save some money, don't get the Formula and get the Hero instead. Both are great boards. Since you're only going single card as well, there really is no reason to go for a Formula.
If you ask me what I think, I think you should skip Z97 go for the X79 platform. Find a used 3930k, since they sell for about the same as an i7-5820k. The Sabertooth X79 sells for the same as the Formula VII right now. DDR3 is a lot cheaper than DDR4 as well, and DDR4 only increases performance in very, very, very specific applications. So you just save money compared to the X99 platform. And you make off like a bandit.
http://pcpartpicker.com/p/jgkVTWFactor in about an extra $800-1000 for the full loop. You even have room to buy a brand new i7-4930k instead of a used i7-3930k, if you so choose. Or you can opt for 32GBs of RAM instead of 16GBs. You probably even have room in your budget for the RIVBE instead of Sabertooth X79.
Don't buy the Titan X, overpriced card for gaming. If you're doing single point compute, it's the best p/p card there is. But if you're only gaming, and not also doing CAD or compute it isn't worth it. 2x 980s beat it in any game that supports SLI. >1866MHz RAM is for kids that want to look cool. It's for showroom rigs, but it will provide no real world performance. If you want it, you can buy it. I wouldn't, since nobody can tell what your RAM clock is by looking at your memory anyways.
Don't overpay for things you don't need. If you were making a showroom rig, then I'd put a Titan X in there. Or a CAD/Gaming hybrid. 2x980s will look better in a big case, especially if you're watercooling them.
Make smart choices my friend.
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